Zacks Investment Research cut shares of TEGNA (NYSE:TGNA) from a buy rating to a hold rating in a report released on Thursday. Zacks Investment Research currently has $15.00 price objective on the stock.
According to Zacks, “TEGNA benefits from higher paid-up subscribers, both MVPD and OTT subscribers, and increased revenues from political advertisements. Political revenues recorded an all-time high, including presidential election years and came well above the previous mid-term election in 2014. Additionally, TEGNA’s agreement to acquire two leading stations, WTOL and KWES, in Ohio and Texas is expected to boost its market share post acquisition, which is a positive. Moreover, Premion, which is helping the company reach customers beyond its traditional business, has expanded its reach to 200 markets from the earlier 39 markets. However, the company operates in a competitive broadcast TV industry, which has long been grappling with declining advertising revenues. Moreover, shares have also underperformed the industry on a year-to-date basis.”
A number of other brokerages have also commented on TGNA. ValuEngine upgraded shares of TEGNA from a sell rating to a hold rating in a report on Wednesday, November 28th. Gabelli assumed coverage on shares of TEGNA in a report on Tuesday, November 27th. They set a buy rating on the stock. Noble Financial restated a buy rating on shares of TEGNA in a report on Friday, November 16th. Benchmark restated a buy rating and set a $17.00 price objective on shares of TEGNA in a report on Wednesday, August 8th. Finally, Barrington Research restated a buy rating and set a $15.00 price objective on shares of TEGNA in a report on Thursday, August 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. TEGNA presently has an average rating of Hold and a consensus target price of $14.67.
Shares of NYSE:TGNA traded down $0.25 during midday trading on Thursday, reaching $12.74. 518,635 shares of the company were exchanged, compared to its average volume of 2,226,224. TEGNA has a fifty-two week low of $10.00 and a fifty-two week high of $15.60. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 2.48. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 0.36 and a beta of 1.55.
TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Thursday, November 8th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. TEGNA had a net margin of 26.46% and a return on equity of 28.02%. The business had revenue of $539.00 million for the quarter, compared to analyst estimates of $537.68 million. During the same period last year, the business posted $0.23 earnings per share. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. Research analysts expect that TEGNA will post 1.75 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 7th will be paid a $0.07 dividend. The ex-dividend date is Thursday, December 6th. This represents a $0.28 annualized dividend and a yield of 2.20%. TEGNA’s payout ratio is currently 25.93%.
A number of hedge funds have recently modified their holdings of TGNA. Todd Asset Management LLC acquired a new stake in TEGNA in the 2nd quarter valued at $115,000. Trexquant Investment LP acquired a new stake in TEGNA in the 2nd quarter valued at $115,000. People s United Financial Inc. bought a new position in shares of TEGNA in the 3rd quarter valued at about $124,000. Mengis Capital Management Inc. bought a new position in shares of TEGNA in the 3rd quarter valued at about $138,000. Finally, Cadence Capital Management LLC bought a new position in shares of TEGNA in the 2nd quarter valued at about $140,000. Hedge funds and other institutional investors own 94.22% of the company’s stock.
TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.
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